Wema Bank posts N65.27b full-year gross earnings

Wema Bank PLc. has grown its gross earnings by 20.07 per cent to N65.27 billion, its audited financial result for the year ended December 31, 2017 revealed.

The result, released yesterday shows that the bank’s performance is a great improvement from N54.36 billion gross earnings for the same period in 2016.

The growth, the bank said,  was supported by the launch of ALAT – Nigeria’s first fully digital bank, enhancing Wema Bank’s already existing alternate platforms which recorded a combined growth rate of 205.67 per cent in transactions executed and with an estimated 30,000 accounts opened monthly.

The Managing Director/CEO, Wema Bank, Mr. Segun Oloketuyi, said despite the slow start to the year, 2017 recorded significant progress, highlighted by the introduction of the Investors & Exporters (I&E) Forex window and recovery in oil prices.

“Our target market is the upwardly mobile youth segment, the young entrepreneurs, the young professionals and the financially excluded, where we continue to leverage incremental innovation and integral capabilities. For us, banking should be simple, reliable and convenient,” he said.

Oloketuyi added: “We continue to execute our omni channel business model with precision, as we make in-roads to Kaduna, Bauchi, Kano, Mararaba (Nasarawa), Warri, Aba, Sangotedo (Lagos) and Lagos State University (LASU). Furthermore, we recorded increases in the number of strategic partnerships forged and expect this trend to further gain momentum.

“In October, the bank held its Extra-Ordinary General Meeting (EGM) towards its proposed Capital Reorganisation Scheme.  I am delighted to announce that the exercise has been concluded, with all relevant regulatory approvals in place and duly passed and reflected in the 2017 financial year accounts. As earlier highlighted, the conclusion of the exercise would lead to an efficient balance sheet, as ploughed back profit can be capitalised to grow the business while positioning the Bank for dividend payment in the near term.

“I would like to appreciate our esteemed shareholders for their patience and the trust reposed in us. We are now in the final stage of our three-pronged strategy; stabilise the bank (2009 – 2012), reposition the bank (2013-2017) and grow the Bank (2017 and beyond).”


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